Meme coins have once again taken the crypto market by storm, particularly on decentralized exchanges (DEXs) like Uniswap. As investors look for the next big thing, feel-good projects such as $HOPPY, $WOLF, and $POP have gained significant momentum. This resurgence of meme coins comes after a strong year for the meme coin vertical, with straight-to-DEX token launches experiencing a renaissance. DEXtools, a leading DeFi trading app, provides valuable insights into the best-performing assets in the market today.
Leading the pack of meme coins is $HOPPY, which has witnessed an astonishing 250% pump throughout the morning. Launched on July 15, this frog-themed coin has attracted a massive influx of volume, with $5 million flooding in from 3.2k holders. It quickly became the second hottest coin on DEXtools, surging from a starting price of just $0.081 to an impressive $0.0735 within 24 hours. However, the euphoria was short-lived as a significant retracement move of -80% shattered the coin’s technical structure. This downside move left loyal token holders in the dust at $0.086882, serving as a stark reminder of the dangers of DEX pump trading.
Another example of the unpredictable nature of DEX trading is the journey of $WOLF token. This meme coin experienced a similarly volatile run, leaving over a thousand holders out of pocket. $WOLF was minted and launched on July 13 at $0.00005 and had an explosive opening day, with a 4,600% pump to reach $0.01. However, the past week has been choppy for $WOLF, yet it managed to skyrocket by 27,600% to an all-time high of $0.01825. Unfortunately, the momentum quickly turned against $WOLF, and a cascading bleed-out triggered by collapsing price action on July 16 resulted in an 86% dip in just 48 hours. With 1.6k holders enduring significant losses, doubts arise about the future prospects of $WOLF.
Amidst the pump and dump patterns seen among meme coins, $POP (Proof of Pepe) emerges as a token that defies expectations. A spin-off of the Pepecoin, this unlikely ERC-20 token experienced a roller coaster ride. Initially, it appeared to be a typical pump-and-dump scenario with a short-lived moonshot of +10,000% and subsequent -90% retracement. Surprisingly, the steadfast holding of 1.34k $POP fans paid off as the token posted a second run, reaching an impressive all-time high of $0.003555, translating to jaw-dropping paper gains of +108,000%. While $POP experienced a -70% retracement from its high, it has shown signs of recovery (+64%) driven by the movements of the original $PEPE coin. This suggests that there may still be hope for $POP.
In a crowded market flooded with meme coins, Evil Pepe Coin ($EVILPEPE) stands out as an innovator rather than a mere imitator. This audacious token, related to the best-performing meme coin of 2023, Pepe Coin, presents exponential growth potential. With an initial valuation of just $2 million, $EVILPEPE offers a ground-floor opportunity for potential investors. What sets $EVILPEPE apart is not only its team’s pedigree, which includes successful projects like Thug Life Token ($THUG) and SpongeBob ($SPONGE), but also its marketing approach.
$EVILPEPE leverages influencer partnerships and strategic promotion across social media and crypto news outlets, ensuring wide visibility. This approach has proven effective with previous meme coins like $THUG and $SPONGE. Additionally, $EVILPEPE demonstrates its commitment to the community through its initial token offering. By making 90% of its supply available during the presale and locking 10% for DEX liquidity for a month, the coin instills confidence in its stability and fairness. It aims to avoid the pitfalls of pump-and-dump schemes and emphasizes its focus on long-term value generation.
The $EVILPEPE team has set an ambitious market cap goal of $100 million, nearly 50 times its initial valuation. This, coupled with the team’s dedication to push boundaries in the meme coin space, underscores the immense growth potential of this new entrant.
As meme coins regain popularity on DEXs, investors must tread cautiously. The recent pumps and subsequent dumps of coins like $HOPPY and $WOLF serve as reminders of the volatility and risks associated with DEX trading. However, tokens like $POP and $EVILPEPE offer innovative approaches and the potential for substantial gains. It is essential for investors to conduct thorough research, closely monitor market conditions, and recognize the inherent risks before diving into the world of meme coins.